Feb 5, 2018

Apple supplier IQE shares stumble after short-seller report

IQE, the Cardiff-based technology company that supplies parts to Apple iPhones, has hit back at a short seller's research note that claimed it misreports its profits. IQE said on Monday that the report was a "Fundamental misrepresentation of the profit and cash generation of IQE, especially with respect to the company's joint venture agreements". Support to the share price has come from solid demand for the latest iPhone model - which has also boosted other Apple suppliers such as AMS - and by a broad switch of allegiance to IQE after British smartphone chip designer Arm Holdings was bought for £24bn in July 2016 by Japanese telecoms group SoftBank. The bank said IQE was the latest technology company to come under fire from anonymous short selling analysis. IQE floated on the Easdaq, the former Brussels-based market for fast-growth companies that is now part of Börse Berlin.

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